travel insurance industry was equally impacted by covid. Aatur Thakkar, co-founder and director at Alliance Insurance Brokers, said, “Post November 2020, the travel market had witnessed some growth; however, after the second covid wave, there was a steep decline in the travel segment again." Thakkar added, “Since most countries have not opened borders for international travel, that market is still slow.
Some countries have made travel insurance compulsory, and many other countries are likely to follow suit." That would mean travel insurance may have to be factored into every travel plan from now on. Travel ban burdened insurance industry: The travel and hospitality industries are correlated, and the impact on one has involuntary effects